Bitcoin (BTC) is a “caged bull” and the end of its current price run is nowhere near at $60,000, says Bloomberg Intelligence.
In a tweet on April 12, senior commodity strategist Mike McGlone delivered his latest bullish verdict on the state of Bitcoin this month.
Analyst: 2021 bull market is “tame”
According to McGlone, who eyed a declining BTC supply coupled with roaring demand from new investors, Bitcoin has far to go before it reaches a cycle top, or “plateau.”
“Still in Price-Discovery Mode, Bitcoin Plateau Appears Distant — Bitcoin supply is declining and demand is rising, leading us to expect continued price appreciation and the establishment of a higher plateau as the crypto matures,” he commented.
BTC/USD with Bollinger Bands and 30-day moving average chart. Source: Mike McGlone/ Twitter
An accompanying chart described Bitcoin as a “caged bull, well rested to escape.” It included Bollinger bands for Bitcoin, a popular tool for assessing upside and downside volatility.
Compared to the year after its two previous block subsidy halvings in 2012 and 2016, meanwhile, 2021 for McGlone is “tame” in terms of price action.
This chimes with other analysts’ perspectives, among them the popular Ecoinometrics Twitter account, which on Monday again highlighted just how modest Bitcoin’s post-halving growth has been over the past year compared to cycles past.
McGlone is a well-known Bitcoin fan, frequently voicing his excitement for the cryptocurrency’s growth based on various macro and on-chain metrics.
Galaxy moves in on Bitcoin ETF
At the time of writing, BTC/USD hovered at around $60,400, having briefly broken below $60,000 support in what remain choppy trading conditions.
The upcoming Coinbase direct listing on Nasdaq was fuelling excitement among analysts, with altcoins likewise surging ahead of the launch on Wednesday this week.
Exchange coins, notably Binance Coin (BNB), led the gains, while largest altcoin Ether (ETH) also hit historic all-time highs.
The total cryptocurrency market cap stood at $2.087 trillion on the day.
Among institutions, crypto merchant bank Galaxy Digital became the latest actor to apply to launch a Bitcoin exchange-traded fun (ETF) in the United States. Regulators are yet to approve any of the now nine applications, but anticipation is high that they will finally do so after Canada beat the U.S. to the punch in February.